A Company Reported Interest Expense of $540,000 for the Year

question 171

Multiple Choice

A company reported interest expense of $540,000 for the year. Interest payable was $35,000 and $75,000 at the beginning and the end of the year, respectively. What was the amount of interest paid?

• A) $580,000.
• B) $615,000.
• C) $500,000.
• D) $575,000.

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